STANDARD LIFE is not ruling out amending its company rules in order to fend off further petitions fo...
STANDARD LIFE is not ruling out amending its company rules in order to fend off further petitions for demutualisation of the sort rejected yesterday when the company wrote to member David Stonebanks, The Scotsman writes today.
His petition for a General Meeting of the company's members to consider a vote on demutualisation was rejected for not being "legally competent", although SL took care not to reveal exactly why it did not meet the rules.
However, Stonebanks has already said he will put together another letter of petition, which elicited this response from SL's head of corporate affairs Gordon Arthur: "It's a fine balance for us. We have to ensure that we remain a democratic organisation where members are allowed to have their say."
"But if it gets to the point where we are being repeatedly subjected to disruptive attempts to change our status, then it would be stupid of us not to consider some means of preventing that - further to the changes we made last year. Although we've not reached that stage yet."
THE WORLD'S BIGGEST bank Citigroup and JPMorgan Chase have expressed "regret" for their roles in helping Enron commit fraud, and agreed to jointly pay $236m to cover allegations that they helped the energy trading company fleece investors.
The Times reports that in return for shedding tears, the banks now avoid prosecution after Manhattan district attorney Robert Morgenthau said "could not prove intent to defraud people".
Enron had a claimed turnover of £100bn before it fell apart.
FRESH FROM CLAIMING it needs to focus on core businesses – which may or may not lead to a sale of its New Zealand banking operations – LloydsTSB now says it is to offer telephone and electricity services through its branches.
Using the networks of Scottish Power and Cable & Wireless, LloydsTSB says it will be able to offer utility package deals to customers that should enable "sizeable savings" to be made in the form of a single monthly bill.
The Telegraph says the move will put the bank into competition with supermarkets Sainsbury and Tesco as well as British Gas.
What made financial headlines over the weekend?
The chairman doggedly tries to be amusing
'Profitability is almost a myth'
Active Wealth in liquidation
Cautious welcome for volatility